Twitter Bans Alexandria Ocasio-Cortez Parody Account for ‘Manipulation’

Twitter Bans Alexandria Ocasio-Cortez Parody Account for ‘Manipulation’

It's often hard for low-income people to access credit at all, and when they do, they're more likely to have poor credit and to take out subprime credit cards with high interest rates.

Sanders also pointed out that most major world religions have banned usury, because it is "disgusting" and exploits people who are economically vulnerable, as Ocasio-Cortez indicated agreement with him.

Rep. Alexandria Ocasio-Cortez (D-N.Y.) advocated for a government-run banking option to compete with private banks, and suggested that the U.S. Postal Service could be a model for such a program, according to Hot Air.

The legislation calls for a 15 percent cap on credit card interest rates, with the ability of states to establish lower limits if they wish. The two lawmakers explained their bill in a live video presentation Thursday afternoon.

"That means Americans are paying even more than that [21 percent]", Sanders noted, adding that banks borrow money from the Federal Reserve at a rate of 2.5 percent.


The bill is called the Loan Shark Prevention Act, and is something Sanders has been promoting for years. "Essentially, your credit card becomes a payday loan".

Sanders, a Democratic presidential candidate, said a decade after taxpayers bailed out the big banks at the beginning of the recession, they are making billions on credit card interest. In that interview, he conceded the plan is not likely to gain traction with the current configuration of the Senate, where there is a Republican majority.

The average annual percent rate was 17.73 percent in April, a record high, CreditCards.com reported. "Today's loan sharks wear expensive suits and work on Wall Street, where they make hundreds of millions of dollars in total compensation by charging sky-high fees and usurious interest rates, and head financial institutions like JP Morgan Chase, Citigroup, Bank of America, and American Express".

The proposal also would let more than 30,000 post offices provide banking services for low-income Americans who now don't have ready access to banks.

Related:

Comments

Latest news

At Least 70 Migrants Drown, Dozens Missing Off Tunisia as Boat Sinks
But Tunisian state media report that 70 migrants drowned about 74km (46 miles) off Sfax, south of the capital Tunis. The survivors of the sinking are now being questioned and cared for by Tunisian authorities, the IOM official said.

Atishi breaks down, accuses Gambhir of distributing derogatory pamphlet
Gambhir has rejected the allegation of circulating the derogatory pamphlet, saying that he would "quit politics" if proven guilty. Actress Swara Bhasker said people should give a befitting reply in the upcoming polls to those who made Atishi cry.

Toy story: Asia's richest man buys Britain's Hamleys for $88 mn
Two of the 10 Hamleys stores in South Africa closed this year when their franchisee filed for bankruptcy protection. The company is named after William Hamley, who founded a toy shop called "Noah's Ark" in London, in 1760.

Uber is expected to set its share price at $45
The company is trying to avoid what happened to rival Lyft which saw its stock trade mostly lower since its debut on the NASDAQ. Shares are expected to begin trading before noon.

Tetris 99 adds paid offline DLC
If you earn 100 points between May 17 and 20, you'll unlock the Game Boy Tetris skin, which is a lovely retro throwback. The Big Block DLC for Tetris 99 , which is available now, costs £8.99 and adds two new offline modes to the game.

Other news